According to @WhiteHouse, U.S. Senator Cynthia Lummis is pushing a significant crypto tax amendment that could boost mainstream adoption by waiving taxes on transactions under $300 and only taxing staking and mining rewards when they are sold, rather than upon acquisition. This legislative effort coincides with market-moving comments from President Donald Trump, who stated on Truth Social that robust economic growth would offset deficits from his proposed budget bill. This projection of loose fiscal policy has strengthened the bull case for inflation hedges, as noted by crypto analyst Will Clemente, who suggested the policy makes assets like Bitcoin (BTC) and gold more attractive than U.S. treasuries. In response, Bitcoin (BTC) traded up to $107,937, with technical analysis indicating a daily trading range between $107,194 and $108,489 and established support at the $107,300 level.

According to @WhiteHouse, Bitcoin (BTC) has risen to approximately $107,937 amid growing attention on U.S. fiscal policy after President Trump stated economic growth would offset deficits from his proposed tax cuts. Crypto analyst Will Clemente noted that this loose fiscal policy weakens the appeal of U.S. Treasuries and strengthens the bull case for inflation hedges like Bitcoin and gold. Concurrently, Senator Cynthia Lummis is pushing an amendment to a major budget bill that would waive taxes on crypto transactions under $300 and, critically for traders, tax staking and mining rewards only upon sale, not at acquisition. This proposed legislation, which also addresses wash sales and crypto lending, aims to reduce the tax burden on small-scale users and rationalize tax treatment for core industry activities, potentially boosting adoption and affecting profitability for miners and stakers.

According to @Polymarket, U.S. Senator Cynthia Lummis is pushing to include significant cryptocurrency tax reforms in a major budget bill. The proposed amendment would waive capital gains taxes on crypto transactions under $300, with an annual cap of $5,000, potentially lowering the barrier to entry for new users. For traders and network participants, the most crucial change involves the tax treatment of rewards from staking, mining, airdrops, and forks; the proposal seeks to tax these assets only upon their sale, rather than upon acquisition and again at sale, as is current practice. The source also notes this would align the tax policy with actual income realization. Additionally, the amendment aims to address the wash sale rule for crypto, closing a loophole used for tax-loss harvesting. Senator Lummis expressed a goal of finalizing comprehensive crypto legislation before the end of the calendar year, though she acknowledged the process faces bipartisan challenges. These potential changes represent a significant bullish catalyst for the U.S. crypto market, directly impacting the profitability of staking and mining operations and simplifying tax reporting for retail investors.

According to @EleanorTerrett, U.S. Senator Cynthia Lummis is targeting the end of this calendar year for the finalization of comprehensive cryptocurrency legislation. Lummis acknowledged the difficulty in securing bipartisan support, which is critical for the bill's passage in the Senate. Concurrently, the Senator is pushing for a significant amendment to a major budget bill that would introduce favorable tax changes for the crypto industry. Key proposals include waiving capital gains tax on crypto transactions under $300 and, crucially, changing the tax code to only tax rewards from staking and mining when the assets are sold, not when they are acquired. The Digital Chamber of Commerce supports this change, arguing it aligns tax policy with actual income generation for activities central to networks like Ethereum (ETH) and Bitcoin (BTC). These proposed regulatory and tax frameworks could significantly influence crypto market dynamics and investor profitability, arriving as the market sees mixed signals with Bitcoin (BTC) trading around $107,437 and Ethereum (ETH) near $2,493.

According to Eleanor Terrett, U.S. Senator Cynthia Lummis is advancing a significant amendment to a major budget bill that could dramatically alter the tax landscape for cryptocurrency traders and users. The proposed legislation seeks to create a de minimis tax exemption for crypto transactions under $300, with an annual cap of $5,000, which could lower the barrier to entry for new investors. A key provision aims to change how staking, mining, and airdrop rewards are taxed, shifting the taxable event from the moment of acquisition to the point of sale, aligning policy with income realization. This change, supported by industry groups like the Digital Chamber, would resolve the current double-taxation issue on such rewards. The amendment also targets the closure of the crypto wash-sale loophole, a strategy used for tax-loss harvesting. This legislative push, which includes broader efforts like the GENIUS Act for stablecoins and the BITCOIN Act, is presented as a crucial step for the U.S. to maintain leadership in digital asset innovation. While these regulatory developments suggest a long-term bullish catalyst for the market, current data shows Bitcoin (BTC) trading at approximately $107,437, down 0.92% in 24 hours, while Solana (SOL) is up around 1% at $155.32 and Cardano (ADA) is down 0.26% at $0.5747.

According to @EleanorTerrett, the U.S. crypto market faces two pivotal legislative developments with significant trading implications. Senator Cynthia Lummis is pushing a major amendment to a budget bill that could dramatically benefit crypto holders and traders by waiving taxes on transactions under $300 and, crucially, changing the tax rules for staking and mining rewards to be taxed only upon sale, not acquisition. This could boost the profitability of staking assets like Ethereum (ETH) and increase retail adoption. The source indicates this amendment also aims to address wash trading rules and crypto lending taxes. Concurrently, Senator Adam Schiff, despite being a crypto ally, has introduced the COIN Act to prohibit officials like Donald Trump from issuing digital assets, reflecting Democratic concerns over potential conflicts of interest. This introduces political uncertainty that could complicate the path for broader crypto market structure bills. While the market shows consolidation, with ETH trading around $2,490 and SOL at $155, the outcomes of these legislative efforts represent major potential catalysts.

According to @WhiteHouse, U.S. Senator Tim Scott has set a new September 30 deadline for completing the crypto market structure legislation, a timeline he communicated to a White House crypto adviser. This development signals a push for regulatory clarity, with the White House also favoring the House's immediate approval of the Senate-passed GENIUS Act for stablecoins. These moves for a comprehensive regulatory framework are significant for traders, as they could reduce uncertainty in the U.S. market. Separately, Senator Cynthia Lummis is pushing for a significant crypto tax amendment in a major budget bill. The proposal aims to waive taxes on crypto transactions under $300 and, crucially, change the tax treatment for staking and mining rewards. Under the amendment, these rewards would be taxed only upon their sale, not at the time of acquisition, which could substantially lower the tax burden for participants in networks like Ethereum (ETH). The measure also seeks to address the wash-trading loophole, potentially bringing more standardized and favorable tax rules that could encourage wider crypto adoption and investment.

According to Bryan Courchesne and Saim Akif, crypto tax preparation is essential for traders due to unique rules that enable efficient strategies like tax-loss harvesting without wash-sale restrictions and direct asset swaps between cryptocurrencies such as BTC to ETH without cash conversion. Courchesne explains that tracking transactions across centralized exchanges (e.g., Coinbase) and decentralized platforms (e.g., Uniswap) is challenging because cost basis doesn't transfer automatically, risking inaccurate reporting and potential audits. Akif notes that new regulations starting in 2025, including mandatory wallet-level cost basis reporting and IRS Form 1099-DA in 2026, require traders to use crypto tax software or specialists to maintain compliance and optimize deductions for active trading.

According to Bryan Courchesne from DAIM and Saim Akif from Akif CPA, crypto tax regulations enable trading advantages like tax-loss harvesting and direct asset swaps between BTC and ETH without cash sales, but require diligent transaction tracking to avoid audits. Courchesne states that centralized exchanges such as Coinbase and Binance often provide incomplete tax summaries, forcing traders to manually track cost basis, while decentralized platforms lack reporting entirely. Akif notes that starting in 2025, wallet-level cost basis reporting will be mandatory, and IRS Form 1099-DA will debut in 2026, urging traders to use crypto tax software or specialists for accurate compliance and deduction optimization.

According to Crypto Rover, Jason Calacanis suggested implementing a crypto tax to fund the Crypto Strategic Reserves, a proposal that was immediately opposed by David Sacks. This exchange highlights the ongoing debate within the crypto community regarding taxation and government intervention in the crypto market.

According to Crypto Rover, Vivek Ramaswamy has proposed abolishing income tax in the USA, which could extend to crypto taxes, resulting in a potential 0% tax rate for cryptocurrency traders. This policy, if implemented, could significantly impact cryptocurrency trading by increasing net profitability for traders operating within the United States.